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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market! U/ [5 O) I# O) P! }" C
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight% |7 n8 V, x6 E3 K
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
# w1 M* _% l. F. jraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
( E8 Z0 E0 J7 j/ Foperating band of 50 basis points for the overnight rate.6 E& L% d+ V# L0 r/ M$ u- k9 w$ U
. {3 Q3 M6 v. x5 I$ I. XThe global economic recovery is proceeding but is increasingly uneven across countries, with
" z# J9 d1 R* m1 V- k5 |+ astrong momentum in emerging market economies, some consolidation of the recovery in the" N' {- J: G& N7 r/ _2 a! ~% K/ o# q
United States, Japan and other industrialized economies, and the possibility of renewed weakness1 _) i9 _) N1 o$ o! |
in Europe. The required rebalancing of global growth has not yet materialized.7 x# }- R( s, d7 A, E) t
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
% N7 u# h2 `/ q rstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
* t0 f( ?2 E: u! e, x+ @; Mvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result7 p0 d- w: c# ]- S9 c
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an* f$ _; g0 Q6 d( M% [
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the7 Z. F: t- S) G2 `
spillover into Canada from events in Europe has been limited to a modest fall in commodity' f# q+ X1 `. |* i+ T
prices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent) T& E' Y! e" u: t" t
in the first quarter, led by housing and consumer spending. Employment growth has resumed.: y8 B8 H: Q0 j! D* o
Going forward, household spending is expected to decelerate to a pace more consistent with
7 Y6 Y& ~1 c+ B7 u/ S7 w Jincome growth. The anticipated pickup in business investment will be important for a more
! L. d3 B! }3 e8 n. Ebalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects. r8 P4 ^( A h7 n
the combined influences of strong domestic demand, slowing wage growth, and overall excess* U0 G$ f$ j6 z3 a; s$ l! ?
supply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
0 y- s2 R: O! z- `4 H" N, sto re-establish the normal functioning of the overnight market. This decision still leaves considerable
, I- G0 S$ B+ a9 j9 R5 K( fmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ! W B$ H$ Q% d1 n) {$ Y) `
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.0 C- T1 t. Y7 G# l: o1 g
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
- s) J8 }" y5 L# P" @5 gstimulus would have to be weighed carefully against domestic and global economic
. I8 ~) n8 h3 G- E, V: r3 b4 }8 @developments." T7 n. L" F. k. G. F* }+ J
+ a- y0 c' O+ [1 E& O7 T
Information note:+ \$ k7 U* g6 N+ k- l. J, N
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
; S* ?4 g7 m! o2 i" Pof the Bank's outlook for the economy and inflation, including risks to the projection, will be
' Q6 w8 ]# k4 [: t! g, j8 {$ Xpublished in the MPR on 22 July 2010. |
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发表于 2010-6-1 07:58
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楼主
发表于 2010-6-1 10:11
发表于 2010-6-1 12:38
小罚一下， 请您做一碗正宗的麻辣面犒劳一下版主游侠同志！